Revisions to audit standards- ISA 570 Going Concern
In response to calls to strengthen requirements following a number of high-profile enforcement cases and well-publicised corporate failures where the work of auditors has been brought into question, the Financial Reporting Council has revised its auditor standard on going concern - ISA (UK) 570.
In this session we will provide a detailed analysis of revisions to the FRC’s September 2019 standard on going concern, including:
- The revised objectives of the revised ISA (UK) 570
- Enhanced risk assessment procedures
- Evaluating and challenging management’s assessment
- Evaluating the sufficiency and appropriateness of audit evidence obtained
- Auditor reporting requirements
- Application to less complex entity audits
- Documentation requirements
Changes are effective for audits of financial statements with periods commencing on or after 15 December 2019, with earlier adoption permitted.
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